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On the Optimality of Generalized (s, S) Policies

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  • Evan L. Porteus

    (Stanford University)

Abstract

A standard inventory model is examined with a concave increasing ordering cost function rather than simply a linear one with a setup cost. A generalized (s, S) policy is shown to be optimal in the n-period problem. A generalization of k-convex and quasi-convex functions to quasi-k-convex functions is required in the process. The probability densities of demand must be one-sided Pólya densities.

Suggested Citation

  • Evan L. Porteus, 1971. "On the Optimality of Generalized (s, S) Policies," Management Science, INFORMS, vol. 17(7), pages 411-426, March.
    • Handle: RePEc:inm:ormnsc:v:17:y:1971:i:7:p:411-426
    DOI: 10.1287/mnsc.17.7.411
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